Don't fail in pension crisis

Saturday, January 12, 2013

To the Times:

I was disappointed to see the Daily Times go over the pension cliff on the editorial page Dec. 30, 2012. The editors seem to be buying the propaganda of the Wall Street pension raiders hook, line and sinker.

The idea there is a crisis in our state pension system is greatly exaggerated. The Times editorial ignored an essential fact in the pension debate. After the market crashed in 2008 and the economy took a nose dive, in 2010 stakeholders in the pension system worked together to pass Act 120, a legislative action that required significant sacrifice on the part of workers and retirees to bring stability to the system and set it on a path of long-term and affordable retirement security for workers who have dedicated their lives to public service careers.

The Times editorial did get one thing right: "... Employees - both state and school district - have kept up their contributions, the state and districts themselves have not. That's a big part of today's unfunded liability." Every paycheck, workers faithfully put in their required contribution in to pension system. Unfortunately, the elected political leaders at the state and school district levels have not kept up their end of the bargain.

Calmer minds not under the influence of Wall Street greed and politicians that feed on Wall Street campaign cash must prevail. Pennsylvania cannot allow the sacred promise of retirement security made to state workers and teachers to be broken because of failed political leadership and opportunistic Wall Street speculators.